Are NFTs Heading Toward Universal Adoption?

NFTs have been surprisingly resilient. Although average prices have gone down about 60%, they are once again rising. Now, this dip could simply be the result of Beeple’s 69 million dollars NFT wearing off. They’re all anyone mentions these days. It has become part of small talk. Sales are over 40 billion dollars. That doesn’t necessarily mean that they are here to stay. However, recent news and projects continue to transform the NFT space. We can’t forget that NFT technology is an information storing technique, not the artwork itself. So even if the artwork stops selling, that doesn’t mean NFTs are going anywhere.

But will the art die? As if things couldn’t get any weirder in this past year, it turns out that Paris Hilton is a huge crypto nerd and is obsessed with NFTs. She went as far as to say, “NFTs have literally taken over my entire mind and soul”. With her 16 million plus followers, it’s possible she had a hand in the recent NFT boom. And her insights aren’t skin deep: she believes that NFTs are the future, part of a “golden age of creators,” democratizing art and transforming the fashion industry.

“Imagine if you could buy a Chanel bag for your video game character,” Paris Hilton said. She was referring to digital fashion, but NFTs might soon spill over into the real world. A new blockchain company called Splyt is planning on assigning an (e-commerce) “eNFT” to real-world items in order to better keep track of inventory and sales, as well as providing a certificate of authenticity to potentially high-budget items. That means that that Chanel bag would have an immutable digital ID to protect buyers and sellers alike. The built-in affiliate commission will be accessible to anyone, taking the power of e-commerce out of the hands of the big players.

Speaking of video games, Paris Hilton loves virtual reality and sees a future with NFT collectibles decorating virtual houses. “I could do VR for hours,” she told W Magazine, “it’s so sick.” Her dream could soon come true. Decentraland is a blockchain company that is building virtual communities where you can buy plots of LAND, which are NFTs that represent plots of land in the digital world. You can do whatever you want on your land, within the limitations of the game, and can monetize your creations. Soon, Decentraland will partner with Epic Games to create the first Metaverse, a shared virtual reality world made popular by Ready Player One. 

Mainstream Artist embracing NFTs

Amrita Sethi, the award-winning multi-media and tech artist bid goodbye to her successful corporate career of 15+ years to explore the world that blends art and NFTs. That is how she created “Voice Note Art”, a new multimedia art form. For the unique idea, Amrita was awarded the “Outstanding Artist Award” at World Art Dubai.

Currently, art enthusiasts can experience and buy Amrita’s “Voice Note Art” on Terra Virtua. Impressively, Terra Virtua is an official NFT partner of Legendary Entertainment. Recently, Terra Virtua released the collectibles of Godzilla and Kong,  the 2021 blockbuster.

NFT space is exploding with innovative projects

Another interesting video game application is AnRKey X (yes with those capital letters in that combination). This gaming platform allows players to buy, sell, and trade NFTs–even between different games. This takes the in-game items out of the game and puts them on the open market. Now that rare Sword of Akatosh that you worked so hard to find can net you some real-world earnings. If you want to sell it, that is. Or you can buy a signed trading card by a famous player who used it to win the 2034 card game battle. AnRKey X brings back collectibles in gaming in a tangible, exciting way. 

The avalanche of NFT news isn’t over. The insane prices might find themselves painfully corrected soon, but the concept of digital scarcity is extremely powerful. This is the beginning of a long list of use cases, and it’s not a bad start. Expect more NFTs in places you would never expect, and expect to be using NFTs without even knowing it. 

One day, they will be so ubiquitous that they won’t be called NFTs anymore. They’re going to be an indistinguishable part of our world.

Reference Links

https://nonfungible.com/market/history

https://www.theverge.com/2021/3/11/22325054/beeple-christies-nft-sale-cost-everydays-69-million

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.